About two-thirds of respondents in Qatar expect the cost of living in the country will go up, and nearly 60 percent hope their financial situation will improve over the next few months, according to a survey by Bayt.com, a leading job site, and YouGov, a research and consulting organisation.
The latest Middle East and North Africa (Mena) Consumer Confidence Index (CCI) survey shows that respondents across the region, including Qatar, anticipate a rise in the cost of living in their countries in the next six months.
Qatar is no different; however, most respondents were positive that their financial situation will improve within the next six months.
According to the findings, six out of 10 (65 percent) Qatar respondents said their personal financial situation is now either the same as, or worse than it was six months ago, with 25 percent claiming it has improved.
Only 20 percent claimed that their savings had increased last year, compared to 36 percent whose savings have dropped.
“Respondents in the GCC countries seem to be especially happy with their current situation, in terms of job and the country’s economic stability.
“However, with the majority anticipating an increase in the cost of living and having experienced a drop in savings, it may be time to take an evaluative look at the stability of personal financial situations,” said Sundip Chahal, CEO, YouGov.
On big purchasing decisions in Qatar, about 44 percent of respondents said they did not have plans to buy a vehicle over the next 12 months, while 43 percent, who intend to purchase, will look for a used vehicle.
Three out of 10 (31 percent) respondents are looking to buy property within the coming year, with 47 percent looking for an apartment and 51 percent preferring new properties.
Consumers are looking at buying desktops or laptops (34 percent), furniture (21 percent), LCD or plasma TV (20 percent) and digital cameras (20 percent) in the coming six months.
Four out of 10 (43 percent) respondents believed that Qatar’s economy had improved in the past six months, while eight percent said it had receded.
Seven out of 10 (68 percent) anticipate better things to come in the coming months.
Business conditions in Qatar are believed to be ‘good’ (40 percent) or ‘very good’ (13 percent), with 34 percent saying they are ‘average’, while 73 percent expected conditions would improve in a year.
Reflecting on regional sentiments about the personal economic situation, almost a fifth (19 percent) of respondents said their financial situation had improved compared to six months ago.
But the majority, 43 percent, claimed their financial situation had remained unchanged, 29 percent saying it had become worse.
More than half (52 percent) of respondents said their savings had decreased compared to last year.
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